Angola
After independence in 1975, the country’s infrastructure was ravaged by a 30-year civil war. The economy remains overly reliant on petroleum exports, which accounts for about 95% of goods exports and 60% of tax revenues. Efforts to clamp down on corruption and to privatise inefficient parastatals have intensified since President Lourenço took charge in 2018.
We have lowered our growth forecast for 2021 from 1.7% to 1.0%, mainly due to the weaker-than-expected oil output in H1 2021. We project oil production to decline by 6.5% to 1.20 million bpd in 2021, despite Total’s Zinia Phase 2 project coming on stream in May this year. Unhappiness with the government looks unlikely to translate into electoral defeat for the MPLA in 2022, but the authorities are worried about increased anti-government demonstrations and the formation of a new opposition alliance. (Source: Angola Quarterly Update, published June 2021)
Macroeconomic Data
(2020)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
-1.7
22.3
1.4
-5.2
1,941.7
10.59
32.9
107.0